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RBI Monetary Policy Awaited By Investors- Sensex, Nifty Opens Flat

After Saturday’s GST council meet, Indian benchmark indices started the week on a flat note, as investors eyed the Reserve Bank of India’s monetary policy to be announced tomorrow. BSE Sensex opened 1.45 points higher than Friday’s close of 31,273.29 points while NSE Nifty, the broader gauge, opened 2.80 points higher then previous close of 9,653.50 points.

Over the weekend GST rates for footwear, apparels and gold were announced after the 15th meeting of the GST Council. The GST Council would tax gold, gold jewellery, silver and diamonds at 3 percent. Gold currently attracts a 1 percent excise duty and a 1 percent VAT (more for some states), equalling to a total of 2 percent.

The Monetary Policy Committee of the RBI will hold its next bi-monthly meeting tomorrow.

According to latest depository data, FPIs invested a net Rs 7,711 crore in equities last month, while they parked Rs 19,155 crore in the debt markets during the same period, totalling to a net inflow of Rs 26,866 crore.

The Indian Rupee opened 0.14% higher at 64.35 against the US Dollar. On Friday, Rupee had closed at 64.44 to the US Dollar.

On Friday, the US Dollar dropped to seven-month lows against the Euro and Swiss Franc, and a two-week low against the Yen. The dollar index fell to a seven-month low and was last down 0.5 percent at 96.725.